Oil & Natural Gas Corporation Ltd accepted the superannuation of two Executive Directors effective September 1, 2026. The changes involve Ajay Kumar Sharma and Pradeep Kumar Goel, marking a transition in senior management roles one level below the Board.

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015. The company informed both the National Stock Exchange of India Ltd and BSE Limited regarding the change in senior management.

Management Changes

The following executives have retired due to superannuation:

Shashi Bhushan Singh, Company Secretary & Compliance Officer, signed the disclosure on September 1, 2026. The filing serves as a mandatory regulatory update for investors and exchange authorities.

Oil & Natural Gas Corporation Ltd received penalty notices from both major Indian stock exchanges for regulatory non-compliance related to its board structure. The fines highlight ongoing governance challenges within the public sector undertaking.

Oil & Natural Gas Corporation Ltd disclosed on August 26, 2026, that it received notices dated August 25, 2026, from the Bombay Stock Exchange and the National Stock Exchange of India Ltd. Each exchange levied a fine of ₹14,31,340, including GST, bringing the total penalty to ₹28.62 lakh.

Regulatory Violations

The penalties stem from non-compliance with multiple provisions of the SEBI (LODR) Regulations, 2015, during the quarter ended June 30, 2026. The specific regulations cited include:

• Regulation 17(1) and 17(2A)
• Regulation 18(1)
• Regulation 19(1) and 19(2)
• Regulation 20(2) and 20(2A)
• Regulation 21(2)

These rules govern the composition of the Board, the quorum for Board meetings, and the makeup of key committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, and Risk Management Committee.

Government Appointment Delays

The company attributed the non-compliance to factors outside its direct control. As a Government Company, the power to appoint directors, including independent directors, rests with the Government of India under the company's Articles of Association.

ONGC stated it has regularly pursued the Government of India for the appointment of requisite independent directors to meet compliance requirements. Copies of these requests were submitted to the stock exchanges previously.

Partial Compliance Restored

The disclosure noted that the company became compliant regarding the composition of the Stakeholder Relationship Committee and the Risk Management Committee effective August 19, 2026. However, this partial resolution did not prevent the levying of fines for the earlier quarter's deficiencies.

What the Numbers Show

The financial impact of these penalties is minimal relative to the company's scale. The total outflow of ₹28.62 lakh is negligible for a PSU of ONGC's size, suggesting the primary risk is reputational and regulatory rather than material financial distress. The company has requested both exchanges to waive the fines based on the involuntary nature of the delay.

The company classified the impact on its financial, operational, or other activities as "not significant" in its regulatory filing.